Last Updated on November 2, 2023 by Bitfinsider
PayPal was registered as a crypto service provider with the United Kingdom’s Financial Conduct Authority (FCA) yesterday, according to the FCA’s official website.
The establishment of “Paypal UK Limited” now permits the company to provide crypto-related services and products to British customers.
With the implementation of the Fifth Money Laundering Directive (AMLD5) in 2020, the crypto registration system became operational. This meant that companies wishing to operate on the island had to notify the FCA and be licensed by the financial regulator.
PayPal obtains the option to validate its cryptocurrency-linked advertising materials while adhering to the most recent marketing guidelines with this new feature in the 2020-initiated register.
Unregistered businesses are barred from enticing British people to invest in cryptocurrencies, a prohibition that also applies to traditional financial goods. Furthermore, regardless of a firm’s registration status, any marketing materials must be approved by the FCA.
Failure to comply with the new standards will also result in severe fines.
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